BDN breaks back above 20-day moving average
Brandywine Realty Trust (BDN) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BDN ended Wednesday at 11.14 gaining $0.16 (1.46%) on high volume, notably outperforming the S&P 500 (-0.46%). Trading up to $0.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Tuesday's high at 11.12, the stock confirmed its breakout through the prior session high after trading up to $0.12 above it intraday.
Daily Candlestick Chart (BDN as at Sep 16, 2020):
Wednesday's trading range has been $0.46 (4.19%), that's far above the last trading month's daily average range of $0.37. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BDN.
Brandywine Realty managed to close back above the 20-day moving average at 11.01 for the first time since September 3rd. After having been unable to move lower than 10.72 in the previous session, the share found buyers again around the same price level today at 10.78. The last time this happened on Monday, BDN gained 2.04% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to September's high at 11.59, upside momentum might speed up should BDN mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Brandywine Realty. Out of 292 times, BDN closed higher 53.77% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 53.77% with an average market move of 0.11%.